Gold Silver Mashup: November 2011

Wednesday, November 30, 2011

Central Banks’ Latest Move Shows Desperation

The coordinated swap line bailout by the Federal Reserve Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, and the Swiss National Bank- and China’s reduction of reserve requirements by .5% – shows desperation. (For background on swap lines, see this, this and this.)
The Street notes:
Don’t get flustered by the terminology of “dollar swap lines” above. Here’s a more simple explanation: Central banks around the globe have acted in

Peter Schiff Explains What Today's Global Fed-Funded Bailout Means For The Future

If anyone is still confused by what has transpired today, here is Peter Schiff explaining in simple words, why what happened "may be one of the most important economic events of the year" and what to do next: "Today’s unprecedented announcement by the world’s most powerful central banks was a loud and clear bell ringing to buy precious metals. The move, disguised as an attempt to help the fragile state of the global economy, is in reality a move to prop up failing banks in Europe and

Deflation is coming

Deflation is comingwww.southofwallstreet.com
In going thru old research I found a note from Dave Rosenberg in March of '08, where he discusses Bernanke's decisions on rate cuts and points to his speech from 2002 on deflation as a road map for his options. At the time, cutting the Fed Funds rate was 'the answer' that rallied markets and substantiated the Fed's ability to maintain confidence in financial markets. We all know how that ended.
Rosenberg from 3/18/08 at ML:

We

China Manufacturing Contracts As New Export Orders See Biggest 2 Month Drop Since Dec2008

Suddenly this morning's RRR cut doesn't feel quite so much like China doing Europe a favor. Chinese Manufacturing PMI printed at a lower-than-expectations 49, signaling its first contraction

Of Imminent Defaults And Self Deception. Kyle Bass Prepares For The Worst

In his latest letter to LPs, Kyle Bass of Hayman Capital Management, offers his tell-tale clarity on what may lie ahead for Europe and Japan. With his over-arching thesis of debt saturation becoming more plain to see around every corner, Bass bundles the simple (and somewhat unarguable) facts of quantitative analysis with a qualitative perspective on the cruel self-deception that we all see and read every day about Europe.

Whether it is Kahneman's "availability heuristic" (wherein

If you spend it, goods will come.

http://www.youtube.com/v/ai1XpMw6-qI?version=3&f=user_uploads&app=youtube_gdata

The Peter Schiff Show - 11/30/2011
Follow me on Twitter @SchiffRadio

See the original video here:

If you spend it, goods will

It's Official: Obama Is Now The Worst American President As His Approval Rating Plunges Far Below Carter's

We doubt many will be surprised by the latest presidential polling update from Gallup, and certainly not the record nearly 50 million Americans on foodstamps, but here it is nonetheless, from US News: "President Obama's slow ride down Gallup's daily presidential job approval index has finally passed below Jimmy Carter, earning Obama the worst job approval rating of any president at this stage of his term in modern political history. Since March, Obama's job approval rating has hovered

RBS Pays $1.9 Million To Learn The Difference Between "Discount" And "Price"

Today's ISDA settlement auction process for the Dynegy CDS credit event offers some perspective on the smartest of the smart of our dealer community. Bloomberg notes that RBS was forced to pay a $1.9mm penalty for massively missing the inside bid-offer at the initial auction. In our humble opinion, it would appear that the CDS trading desk got their math wrong and posted a discount (1-R) instead of the Price they were willing to trade the deliverable bonds at. Their 29.5/31.5 bid/offer

Tuesday, November 29, 2011

Hackers Take Down Portuguese Parliament Website

Update: It appears that Portugal is fighting a valiant battle, with the site back on and off intermitently.
LulzSec, which had been missing lately from the mainstream news, has struck again, this time with the site of the Portuguese Parliament. It is unclear just how the Portuguese pissed off the hacker collective, but as they say in trading floors when they want to get that pesky salesman off the line pronto "it is what it is." Link to a DDOSed Parliamento.pt here.
h/t Old_Holborn

See

Interactive Timeline Of The 2011 Eurozone Crisis

Looking back at the year it is amazing to think that just how much has already happened in the year that was, and still has at least one month left, unless of course the accountants have something to say about it and the calendar is cut short by a month or so to allign with Jefferies Fiscal Year End. Hopefully without jinxing any fireworks, we present one of the best lookbacks at what has transpired in Europe, courtesy of this interactive timeline from Reuters. Also hopefully without

Japanese Micro-Steps Toward The End Of An Era

By Wolf Richter www.testosteronepit.com
“Japan’s economy is likely to continue to face a severe situation for the time being, especially with respect to exports,” said Masaaki Shirakawa, the Governor of the Bank of Japan, when he was talking to business executives in Nagoya (Japan Today). He blamed the European debt crisis and the strong yen.
Whatever the causes—Eurozone chaos, dollar devaluation, yuan peg, etc.—the strong yen puts pressure on Japanese exporters to sacrifice

Senate Passes Bill Allowing Indefinite Detention of Americans ... Considers Bill Authorizing More Torture

The Senate passed a bill today allowing indefinite detention of American citizens living within the U.S.
While some have claimed that this is incorrect, and that American citizens would be exempted from the indefinite detention within U.S. borders authorized by the Act, the Committee chairman who co-sponsored the bill – Carl Levin – stated today in Senate debate that it could apply to American citizens.
Levin cited the Supreme Court case of Hamdi which ruled that American citizens

Presenting John Paulson's Mea Culpa For Worst Year Ever

It is a bad day for people named Paulson. We are not sure if John Paulson, who has not updated the HSBC hedge fund performance tracker through November although was quite happy to do so in October when the market could only rip higher, is more apologetic in his latest letter for the fact that his sold gold holdings to buy even more Bank of America stock, which as everyone knows is about to have a 4 handle, or because somehow his gold fund has managed to return just 1%, even as the shiny

Chris Martenson Lecture On Why The Next 20 Years Will Be Marked By The Collapse Of The Exponential Function

In this video courtesy of GoldMoney, Chris Martenson, economic analyst at chrismartenson.com and author of ‘The Crash Course’, explains why he thinks that the coming 20 years are going to look completely unlike the last 20 years. In his presentation he focuses on the so-called three “Es”: Economy, Energy and Environment. He argues that at this point in time it is no longer possible to view either one of those topics separately from one another.
Since all our money is loaned onto

Commodity Inflation And Spare Capacity: Food For Thought

The '-flations' are as much part of the commonplace parlance for every sell-side strategist, talking-head, and gold-bug as dividend-stock, quality balance sheet, and long-time-horizon is for long-only managers. Whether deflation, stagflation, inflation, disinflation, or reflation, they all have their moments of sublime glory. Bank of America's Economics team have found some extremely timely 'inflation' signs in the food industry, where it is becoming, somewhat incredibly in this age of

Krugman Reveals Krugmonomics Fails Even in Small Elite Liberal NYC Neighborhood

http://www.youtube.com/v/lCQ_N9wj41Q?version=3&f=user_uploads&app=youtube_gdata

The Peter Schiff Show - 11/29/2011
Follow me on Twitter @SchiffRadio

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Krugman Reveals Krugmonomics Fails Even in Small Elite Liberal NYC

Financials Stumble Amid Average Volume Range Day

Bank Of America and Morgan Stanley closed today down around 7% from the 0931ET tick yesterday with BofA managing to defend the $5 Maginot Line once again - though closing almost at their lows. Tech and Financials were the worst sectors of the day (and the only sectors with negative performance) as Energy outperformed dragged by a war-premium-driven Oil price that crossed $100 intraday but ended just shy of it (up 2.5% from its intraday lows). After some early vol, FX markets trod water

As Final EFSF Details Emerge, German FinMin Says Bail Out Fund Won't Halt Crisis

Some (non-news!) final details are coming out from Europe this evening on the EFSF structure, size, and funding. We provided a framework for understanding the entity this morning, along with some views on just how successful it would (or would not) be. EFSF CEO Regling stated that various approaches will be used simultaneously, providing the entity with more funding flexibility, which is odd since in the next breath he notes the decision to tap the short-dated debt markets in December

Foreclosure Fraud | Lender Processing Services Robo-signer Whisleblower Found Dead in Nevada

Foreclosure fraud whistleblower found dead
By msnbc.com staff
A notary public who signed tens of thousands of false documents in a massive foreclosure scam before blowing the whistle on the scandal has been found dead in her Las Vegas home.
NBC station KSNV of Las Vegas reported that the woman, Tracy Lawrence, 43, was scheduled to be sentenced Monday morning after she pleaded guilty this month to notarizing the signature of an individual not in her presence. She failed to show up for her

The Silver Market Psychology & Inflation

http://www.youtube.com/v/yC1fXxQdOZc?version=3&f=user_uploads&app=youtube_gdata

http://Silver-Investor.com

A look at the silver market, focusing on supply and demand, psychology, and inflation.

Visit http://www.edrsilver.com for more information. Presented by Endeavour Silver Corp. as part of an ongoing series of educational films on all things silver.

See the original video here:

The Silver Market Psychology &

Chris Martenson: Unfixable -- welcome to the abnormal

http://www.youtube.com/v/7m-dT3-83PI?version=3&f=user_uploads&app=youtube_gdata

Watch the full 71-minute video at http://www.goldmoney.com/martenson-presentation. In this video Chris Martenson, economic analyst and author of 'The Crash Course', explains why he thinks that the coming 20 years are going to look completely unlike the last 20 years. In his presentation he focuses on the so-called three "E"s: Economy, Energy and Environment. He argues that at this point in time it is no

Chris Martenson: The power of exponential growth

http://www.youtube.com/v/bRc-YfcXVYo?version=3&f=user_uploads&app=youtube_gdata

Watch the full 71-minute video at http://www.goldmoney.com/martenson-presentation. In his presentation Chris Martenson - economic analyst at chrismartenson.com - explains how exponential growth works and why it is so scary that our economy is based on it. In an example he illustrates how unimaginably fast things speed up towards the end of an exponential curve. He shows that an exponential chart can be

Chris Martenson: The coming energy crisis

http://www.youtube.com/v/xab-jW8Irx0?version=3&f=user_uploads&app=youtube_gdata

Watch the full 71-minute video at http://www.goldmoney.com/martenson-presentation. In this video Chris Martenson - economic analyst at http://chrismartenson.com - talks about the energy predicament, namely that the quantity of oil as well as the quality of oil are in decline. He shows that oil discoveries peaked in 1964 and oil production peaked 40 years later. Martenson also shows how our return on

Chris Martenson: Resource depletion and the monetary system

http://www.youtube.com/v/tn4mEfqetRE?version=3&f=user_uploads&app=youtube_gdata

Watch the full 71-minute video at http://www.goldmoney.com/martenson-presentation. In his presentation Chris Martenson - economic analyst at http://chrismartenson.com - shows how not only oil but also other natural resources are being rapidly used up as well. At the current projected pace of use, known reserves for many metals and minerals will be gone within the next 10 to 20 years. The energy needed to

Chris Martenson on oil, energy efficiency and new technologies

http://www.youtube.com/v/ywe6tM-n2t0?version=3&f=user_uploads&app=youtube_gdata

Watch the full 71-minute video at http://www.goldmoney.com/martenson-presentation. Chris Martenson of http://chrismartenson.com answers questions regarding a rise in efficiency, alternative technologies and oil prices.

This video was recorded on November 16 at the Gold & Silver Meeting 2011 in Madrid.

See the original video here:

Chris Martenson on oil, energy efficiency and new

Chris Martenson on gold, silver, platinum and palladium

http://www.youtube.com/v/LfyC918MJF4?version=3&f=user_uploads&app=youtube_gdata

Watch the full 71-minute video at http://www.goldmoney.com/martenson-presentation. Chris Martenson of http://chrismartenson.com answers questions regarding electricity, shale gas, gold, silver, platinum, palladium, and uranium and the race for global resources.

This video was recorded on November 16 at the Gold & Silver Meeting 2011 in Madrid.

See the original video here:

Chris Martenson on gold,

Fitch Revises US Outlook To Negative

French Fitch strikes back at the US for not pushing the Fed to do more to bail out Europe. Now it is US Moody's and S&P's turn...
Fitch Affirms United States at AAA; Outlook Revised to Negative2011-11-28 21:15:35.907 GMT
FITCH AFFIRMS UNITED STATES AT 'AAA'; OUTLOOK REVISED TO NEGATIVE Fitch Ratings-London/New York-28 November 2011: Fitch Ratings has today affirmed the United States (U.S.) Long-term foreign and local currency Issuer Default Ratings (IDRs) and Fitch-rated U.S. Treasury

International Bribery Scandal Invades the ECB

By Wolf Richter www.testosteronepit.com The bribery scandal came at the worst possible moment for the European Central Bank. Already it’s struggling on a daily basis with the ballooning debt crisis in the Eurozone. And it’s trying to defend its independence against an onslaught of demands to print unlimited amounts of euros and buy the crappy sovereign bonds of the Eurozone's weaker members. But now, Ewald Nowotny, member of its Governing Council, is up to his neck in hot

Italy Prices €7.5 Billion In New Bonds At Unsustainable Yields, Market Rejoices If Only For A Few Minutes

Confirming just how much the market has lost it, at just after 5 am Eastern when the news of today's Italian auction as announced, the EURUSD soared by almost 100 pips on news that the auction had not failed. Apparently the lack of day to day bond issuance failure is now good enough for Europe. In the meantime, one look at the actual auctions that made up today's action show just how unsustainable Italian debt yields have become. The Italian Treasury priced 3, 9 and 11 year BTPs at yields

American Airlines Files For Bankruptcy

We hope you used up those frequent flier miles which are now a General Unsecured Claim on thee company and will likely result in an exchange rate of 1 million miles for one round trip flight...

AMR CORP. FILES BANKRUPTCY IN NEW YORK
AMR, HOLDING COMPANY FOR AMERICAN AIRLINES, FILES CHAPTER 11
AMR COPR. LISTS DEBTS OF $29.5 BILLION IN BANKRUPTCY FILING
AMR HAS $4.1B IN CASH
AMR TO START FURTHER TALKS WITH UNION TO CUT LABOR COSTS
*AMR NAMES THOMAS HORTON

Rainer Münz talks to James Turk about demographics

http://www.youtube.com/v/SNkwtzDgBc0?version=3&f=user_uploads&app=youtube_gdata

Subscribe to our newsletter at http://www.goldmoney.com/goldresearch. Prof. Dr. Rainer Münz, Head of Research at Erste Bank, and James Turk, Director of the GoldMoney Foundation, talk about the characteristics of global and European demographics. There are about 500 million people living in the European Union. Along with the rest of the developed world it has the highest life expectancy as well as a low

Monday, November 28, 2011

Guest Post: The (Euro) Answer, My Friend, Is Showing In The Bond Market

Submitted by Alexander Gloy of Lighthouse Investment Management
The (Euro) Answer, My Friend, Is Showing In The Bond Market

Politicians and non-elected maquinistas are still trying to figure out how to make the still-borne EFSF (European Financial Stability Facility) walk, or better, fly. A month after the “miracle of Cannes”, the trumpets of victory over the debt crisis have fallen silent. Instead, the first EFSF bond issue after the G20 summit ended up in disaster (reduced,

Complete List Of European Sovereign Events Through The End Of 2011

We won't focus too much on the reasons why Deutsche Bank just cut its forecast for European 2012 GDP from +0.4% to -0.5%: needless to say it is yet another ploy to force the ECB's hand to print, and not even DB is ashamed to admit it: "The good news is that the worse the economic outlook becomes, the more likely it is the ECB will have to take more aggressive steps to deal with a compromised monetary transmission mechanism and the growing downside risks to price stability." So now that

Must Read From the Economist

The Euro: Beware of Falling Masonry from the Economist
The prospect that one country might break its ties to the euro, voluntarily or not, would cause widespread bank runs in other weak economies. Depositors would rush to get their savings out of the country to pre-empt a forced conversion to a new, weaker currency. Governments would have to impose limits on bank withdrawals or close banks temporarily. Capital controls and even travel restrictions would be needed to stanch the

Ron Paul Explains His Plan For "Monetary Freedom" And Returning To The Gold Standard

Ron Paul lays it out: "We know what to do - we did it once after the Civil War period, we went from a paper standard back to the gold standard, and the event wasn't that dramatic. But today the big problem is that both the conservatives and liberals have an big apetite for big government for different reasons, therefore they need the Fed to tie them over and monetize the debt. So if you don't get rid of that appetite it's going to be more difficult, but the transition isn't that difficult.

Citi: "Forget Decoupling" - Here Is How To Trade During The Sovereign Trauma

We have been strong proponents of various relative-value (RV) trades as this highly volatile and increasingly binary world infers more Knightian uncertainty than any normal strategist, talking-head, fringe blog can cope with. What is frustrating nevertheless is the degree of confidence that many economists and strategists forecast directional bets only to fail miserably (and rapidly). Refreshingly, Citi's European credit research team take a similar perspective to ours on the current

Black Friday: America's Annual Pilgrimage to Poverty

http://www.youtube.com/v/Ve8vsIntwYc?version=3&f=user_uploads&app=youtube_gdata

The Peter Schiff Show - 11/28/2011
Follow me on Twitter @SchiffRadio

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Black Friday: America's Annual Pilgrimage to

pt 2/2 Gerald Celente - The Alex Jones Show - 28 Nov 2011

http://www.youtube.com/v/mWRIBx2ytVc?version=3&f=user_uploads&app=youtube_gdata

Trends Journal: http://www.trendsresearch.com/journal
Twitter: http://twitter.com/geraldcelente

See the original video here:

pt 2/2 Gerald Celente - The Alex Jones Show - 28 Nov

pt 1/2 Gerald Celente - The Alex Jones Show

http://www.youtube.com/v/7SiyCaoQwB4?version=3&f=user_uploads&app=youtube_gdata

Trends Journal: http://www.trendsresearch.com/journal
Twitter: http://twitter.com/geraldcelente

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pt 1/2 Gerald Celente - The Alex Jones

Volume Explosion Sends ES Higher As Treasuries End Unchanged

30Y Treasuries rallied 14bps from high to low yield today peaking at the US equity day session open and troughing just prior to the late day vertical ramp-fest in ES (the extremely liquid e-mini S&P 500 futures contract) that managed to turn what was heading to be a mediocre day into a headline-grabbing risk-fest. Unfortunately, stocks were the only asset class enjoying this exuberance as Oil lost over 2.5% from its highs, AUDJPY and FX in general drifted lower all day and copper and

La Tribune Reports S&P May Put France On ‘Negative’ Outlook Within Ten Days

For our French speaking readers, this makes it all too clear: "Selon plusieurs sources contactées par La Tribune, l'agence de notation Standard & Poor's pourrait préparer la France à la perte de son "triple A"."
Google Translated La Tribune article:
In ten days, the triple A French risk of being "negative outlook"
New rumor market to offset the rate before the last bond auction OAT of the year this Thursday? Or preparation of minds to the inevitable? According to several sources,

Guest Post: The Future Of Jobs

Submitted by Charles Hugh Smith via ChrisMartenson.com
The Future of Jobs
That the American and global economies are being transformed by the forces of globalization, demographics, and over-indebtedness is self-evident. What is less self-evident is the impact this transformation will have on the future of work, earned income, and financial security.
The key question an increasingly vulnerable workforce is asking is: What skills will be in demand once this transition occurs?
In order to

Two Possible Outcomes For the European End Game

With the European End Game now in sight, the primary question that needs to be addressed is whether Europe will opt for a period of massive deflation, massive inflation, or deflation followed by inflation.

Indeed, with Europe’s entire banking system insolvent (even German banks need to be recapitalized to the tune of over $171 billion) the outcome for Europe is only one of two options:

1) Massive debt restructuring
2) Monetization of everything/ hyperinflation

These are

Is It Finally Japan's Turn?

Japan is starting to heat up a little in terms of risk and we hope that Noda is watching carefully. While the strengthening trend in USDJPY and JGBs has been a long one, the last few days are starting to worry some traders and most notably, Bloomberg points out that not only are FX options the most USD bullish-biased (JPY-bearish) in seven years, swaptions have screamed to their highest in over seven months at 54bps. The growing concern that the European crisis will spread to Japan is

There's Too Much Debt: Greg Hunter - USA Watchdog

http://www.youtube.com/v/lJ39Ww-bqi4?version=3&f=user_uploads&app=youtube_gdata

Greg Hunter of USA Watchdog talks with Daniela Cambone of Kitco News about the current state of the economy, and why he believe there's just too much debt. Nov. 17, 2011.

See the original video here:

There's Too Much Debt: Greg Hunter - USA

Technically Speaking: Gold Sees Short Covering Bounce - Jim Wyckoff - Nov. 22

http://www.youtube.com/v/5jAjvekM0ho?version=3&f=user_uploads&app=youtube_gdata

Jim Wyckoff's "Technically Speaking". Kitco News. Nov. 22, 2011.

See the original video here:

Technically Speaking: Gold Sees Short Covering Bounce - Jim Wyckoff - Nov.

Meanwhile In European Interbank Liquidity

Wonder why futures are up over 2%? It appears all it takes is two strategically placed and false rumors, since denied. That and of course the fact that US consumers are literally spending as if there was no tomorrow. Because for a whole lot of consumer there may not be once the bill comes in. Ironically, the same can be said about European banks, only they never even got a 10% of iPad. Because while stocks may be doing their usual oversold Manic Monday thing which surprises no one at this

Thomas Rustici talks to Alasdair Macleod

http://www.youtube.com/v/y_3VNDvOV-g?version=3&f=user_uploads&app=youtube_gdata

Subscribe to our newsletter at http://www.goldmoney.com/goldresearch. Thomas Rustici, Professor at George Mason University, and Alasdair Macleod, of the GoldMoney Foundation, talk about the European sovereign debt crisis and how it foreshadows similar problems in the USA. A central bank is a monopolistic, central planning agency, with all the implications that this has for the quality of its

The changes in European demographics

http://www.youtube.com/v/ZT9clpyiP8k?version=3&f=user_uploads&app=youtube_gdata

Watch the full 25-minute video at http://www.goldmoney.com/muenz-turk-interview. Prof. Dr. Rainer Münz, Head of Research at Erste Bank, and James Turk, Director of the GoldMoney Foundation, talk about the characteristics of global and European demographics. There are about 500 million people living in the European Union. Along with the rest of the developed world it has the highest life expectancy as

Demographics and public finances

http://www.youtube.com/v/Zs_wqpftddk?version=3&f=user_uploads&app=youtube_gdata

Watch the full 25-minute video at http://www.goldmoney.com/muenz-turk-interview. Prof. Dr. Rainer Münz, Head of Research at Erste Bank, and James Turk, Director of the GoldMoney Foundation, talk about the impact changing demographics has on public finances, and in particular, on pension systems. The aging of a society has many different effects. On the one hand, expenditures for education and childcare

Demographics and economic growth

http://www.youtube.com/v/nIXsLzeJ-Sw?version=3&f=user_uploads&app=youtube_gdata

Watch the full 25-minute video at http://www.goldmoney.com/muenz-turk-interview. Prof. Dr. Rainer Münz, Head of Research at Erste Bank, and James Turk, Director of the GoldMoney Foundation, talk about the relationship between demographics and economic growth. Münz states that normally higher population growth leads to higher demand and growth, but that this is dependent on the age structure of a

Higher life expectancy: drivers and effects

http://www.youtube.com/v/WAY20r9znoI?version=3&f=user_uploads&app=youtube_gdata

Watch the full 25-minute video at http://www.goldmoney.com/muenz-turk-interview. Prof. Dr. Rainer Münz, Head of Research at Erste Bank, and James Turk, Director of the GoldMoney Foundation, talk about increasing life expectancy, which on average is increasing by about six hours a day at the moment. The key drivers behind this development are better nutrition, improvements in medicine and better

Sunday, November 27, 2011

Turkey Week

It's Phil v. Others. Is there a rational argument for taking a bullish position (even if it's still a waiting game short-term)? Here are a few views, including some of Phil's logic regarding a new wave of hyperinflation which is a counter force to the Elliott Wave trajectory and the current trend. ~ Ilene
Turkey Week
(excerpt from Stock World Weekly)
Bearish sentiment is currently running strong in the community of financial analysts. Jim Rogers recently remarked, “We’re certainly

Plan for a Plan Needed in Europe by 12/9

www.southofwallstreet.com
This quote from CNBC's website struck me as hilarious (in an end of the world sort of way).

Germany and France are exploring radical methods of securing deeper and more rapid fiscal integration among euro zone countries, aware that getting broad backing for the necessary treaty changes may not be possible, EU officials say.

The 12/9 Summit is the latest "solution date". As though anyone thought a credible solution was in the works at this point, it is

A Look At The Key European Auctions, Pardon Global Events, In The Coming Week

Goldman's one stop summary of the past week and the week that comes.
The Week in Review
The past few days have been notable for the Euro zone crisis, which so far has engulfed mainly periphery countries, spreading to Germany – the core of the core – where a weak bond auction sent 10-year Bund yields 30 bps higher on the week (Figure 1). That said, the periphery also suffered, with Italian and Spanish 10-year yields closing the week at 7.3% and 6.7%, respectively. The sell-off there

IMF Package Denial Sends ES And EURUSD Tumbling

Well they bought the rumor and now comes the sell-the-news/rumor/denial part of the evening as Dow Jones cites an official that 'No Discussion Within G-7 Of Reported Large Package For Italy".

EUR lost 40pips and ES around 10pts as the latter compressed close to CONTEXT's broad risk view of the world.

In the meantime - Some comments, via Bloomberg, from China not helping sentiment

*MOFCOM'S CHEN: EU RESCUE FUNDING STILL FACES SHORTFALL :MOCZ CH
*MOFCOM'S CHEN: CHINA OBSERVING

Bifurcated Euro Begins As AAA-Only 'Elite'-Bond Issuance Considered

As the hopes of an IMF bazooka fades, Market News is reporting that the ever-ready-to-print-a-story European newspaper Die Welt says Germany and the other 5 AAA-rated nations of Europe are discussing jointly issuing 'Elite' bonds. We assume the borrowings could be used to fund the less-well-rated nations and avoid a true Euro-bond joint-and-several issuance which Merkel and other have been so opposed to. For now, it is clear that the 'Have's and the 'Have-Not's are becoming increasingly

Multi-Trillion Bank Bailout Leads to Multi-Billion Bank Profit Bloomberg Finds

Back in August when Bloomberg first scoured the depraved depths of the almost-30,000 pages of FOIA-released Fed documentation surrounding the biggest ever bailout in history, the sheer volume of the loans, ultra-low cost of funds, and lying-through-their-teeth nature of the bank CEOs was enough for some vindication of tin-foil-hat-wearing fringe blogs. In this month's Bloomberg Markets magazine, much of this is rehashed but the truly incredible part - though not entirely shocking to us -

Neoconservatives Planned Regime Change Throughout the Middle East and North Africa 20 Years Ago

I've repeatedly documented that the Neocons planned regime change in Iraq, Libya, Iran, Syria and a host of other countries right after 9/11 ... if not before.
And that Obama is implementing these same plans - just with a "kindler, gentler" face.
Glenn Greenwald provides further documentation that the various Middle Eastern and North African wars were planned before 9/11:
General Wesley Clark ... said the aim of this plot was this: “They wanted us to destabilize the Middle East, turn

Euro Bond: Europe's Only Way Out For Now

By EconMatters
The Euro crisis is getting deeper into the uncharted territory with bond yields surging across Europe on Friday Nov. 25, after Fitch Ratings cut Portugal’s debt rating to “junk” status. Standard & Poor’s later also delivered a debt downgrade to Belgium to AA from AA+. Moody’s stayed busy and lowered Hungary’s debt rating to junk on Thursday. Meanwhile, Greece reportedly was trying to negotiate a bigger haircut with its creditors.

Elsewhere, Italy

Former IMF Employee And Greek Statistics Head Faces Life In Prison If Found Guilty Of Making Greece Look Uglier

A few months ago we reported that unlike in any other Banana Republic, where the natural bias is to fudge one's numbers higher to make the economy look better and get the stock market to rise, in Greece even the traditional banana metrics are upside down. To wit: "Greek newspaper Eleftherotypia reports that according to a just terminated member of the Greek Statistical Authority, Greece artificially misrepresented its 2009 15.4% deficit number to Eurostat in order to obtain aid from

Futures Indicated Up More Than 1% Pre-Open

And so the market is once again shooting first, and doing the math later. While the EURUSD has since dropped substantially from its afternoon premarket highs and was trading just over 1.33 last check, the ES is now about 15 points higher per the bid/ask stack or at 1173, well over 1% more than Friday's close, even though CONTEXT fair value demonstrates a roughly 15 point arbitrage. Looks like the futures are all alone in this latest attempt to ramp everyone on the wrong side and sell to

Flair For The Drachma-tic: ICAP Preparing For Return Of Greek Currency

As if we needed another reason to send the ES higher by a few more percent in the premarket session on 10 or so ES contracts, the news that ICAP is already preparing for the end of the Euro should do it:

ICAP Testing Trades In Greek Drachma Against Dollar, Euro
ICAP has reloaded old drachma templates for spot foreign exchange and derivatives (NDFs)
ICAP Drachma Tests Are Only Precautionary
Drachma Currency Pairs Not Yet Launched For Trading, May Never Be Used - Execs
ICAP Testing Trades

Goldman: "As The Endgame Approaches, The Rally In AAA-Euro Area Sovereign Bonds No Longer Seems Sustainable"

Goldman Sachs has for the time being been very quiet in joining all of its colleagues from around the street in screaming for an immediate intervention by the ECB or else. The reasons are glaringly obvious: with a Goldman alum in charge of the ECB, and a 23 year Goldman veteran acting as ambassador to Germany, whatever Goldman wants, Goldman will get, without the need for convincing pitchbooks and dramatic expostulations that the world is ending unless... Intuitively it makes sense

Bank of France's Noyer Speaks, Says Europe Is In A "True Financial Crisis"

In case anyone was wondering why the EURUSD is back to levels from several hours ago and well off the ramp highs (with ES continuing to pretend nothing matters), it is due to Bank of France Governor Christian Noyer who speak the following bullet points at a forum in Tokyo:

Crisis Has Worsened Significantly
Market stress has intensified and Europe is in a “true financial crisis,”

In other words precisely what Zero Hedge readers have known all along, the same as this article from the

Gold Follows Stocks Vertically

Because if stocks like the prospect of imminent printing, or at least the latest daily rumor thereof, until Germany once again opens its mouth and refutes everything, gold should love it. Sure enough, the yellow metal has opened $20 higher and is back over $1700 again.

Incidentally for anyone still clamoring about a bubble in gold, the following often recycled chart by Don Coxe should put things into perspective.

See the original article here:

Gold Follows Stocks

Of European Insurance Funds and Short-Dated EFSF Issuance

We have discussed the obvious lack of demand for EFSF paper in the last few weeks and note that Friday saw the longer-dated issue break above 4% yield - clearly indicating the market's unwillingness to 'believe' in the AAA rating (and therefore any explicit wrapper that may evolve from this entity). Peter Tchir, of TF Market Advisors, notes the headlines and rumors are already coming in fast and furious.

Looks like tradeable insurance certificates. We analyzed a lot of the issues with

Arab League Adopts Economic Blockade Sanctions Syria "Effective Immediately"

In the off case that this weekend's Italian bailout rumor roundup does nothing to quell the ongoing European collapse, the status quo is already working in diversion Plan B. Enter the Arab Leage and the announcement that it has approved sanctions against Syria, including an asset freeze and an embargo on investments, effective immediately. And while the screenplay is for now a carbon copy replica of what happened in Libya, with the imposition of a "No Fly Zone" over Syria as reported

Steve Keen On Parasitic Bankers, Deluded Economists, and Why “We Are Already In The Second Great Depression”

Everything that 'deluded' orthodox economists have done so far has been designed to aid the creditors (who remain the problem) while Steve Keen, the most familiar face of the non-orthodox economists, sees the only solution to this crisis as aiding the debtors. His interview with BBC’s HardTalk this week covers a great deal of ground from modern debt jubilees (and how they should be structured), the Tea-Party and Occupy movements (and his growing fear of historically repeating the

Italy next week

Some stories in European press (La Stampa - Zero Hedge link) suggest that Italy is working on a very big loan package from the IMF. I have no doubt that there are ongoing discussions. There has to be. Either someone puts a finger in the dike or Italy goes tapioca.
That thought is difficult for me to fathom. How could we be so close to the brink? At this point there is zero possibility that Italy can refinance any portion of its $300b of 2012 maturing debt. If there is anyone at the table

Bill Buckler Presents The Four Horsemen Of The (Financial) Apocalypse

As usual, "The Privateer" author Bill Buckler does a great job at summarizing a complicated, and quite terminal, situation in a few short sentences. Today is one of those occasions.

The Four Harbingers Of The Apocalypse:

There are four indicators today which show as clearly as anything can be shown the state of our global debt-based monetary and financial system. Any one of them alone should be all the evidence one needs that the system is unsustainable. Put them together and much

EURUSD Up Modest +30 Pips Despite Latest Weekend Rumormill

Our guess is they were hoping for a little more than a 30pip lift out of the gate...Have no fear though...
*SCHAEUBLE SAYS HE'S `CONFIDENT' 'EURO CAN BE SAVED
*SCHAEUBLE SAYS EURO WILL BE `THE STABLE WORLD CURRENCY'

Chart: Bloomberg
Unfortunately, once the market realizes just what the forward sovereign issuance calendar looks like, especially with a barrage of bond auctions from freshly downgraded Belgium tomorrow, not to mention one of the heaviest new issuance weeks until the end of

New World Disorder - Watch the Stock Market

New World Disorder - Watch the Stock Market
Courtesy of Allan of Allan Trends
Ironic, isn't it? That the New World Order that been the source of so much fear and distress over the past decade finally makes its appearance as not the The World Order, but instead, The New World Disorder. It's enough to long for the days of the Cuban Missile Crisis, Watergate, or Monica Lewinsky. At least then, we knew who the bad guys were. These days, they all are. This game is being played

For Republicans Gingrich is the Only Choice

A number of people have been asking me about the 2012 election and who I will support. I am a member of the libertarian wing of the Republican Party where Thomas Jefferson, Andrew Jackson, Theodore Roosevelt, Barry Goldwater and Ronald Reagan happily reside. No surprise then that I support Newt Gingrich for the Republican presidential nomination.

After graduating from Villanova University in 1981, I worked for the Heritage Foundation and later for Congressman Jack Kemp (R-NY) as

Silver Update 11/26/11 Silver History

http://www.youtube.com/v/np4LNKaudE4?version=3&f=user_uploads&app=youtube_gdata

Silver Update 11/26/11 Silver History

FREE Monthly PDF Charts http://www.mrci.com/pdf/index.php
Why Silver For A Monetary Collapse? Part 1 http://news.silverseek.com/SilverSeek/1321858860.php
What is a dollar worth? http://www.minneapolisfed.org/

See the original video here:

Silver Update 11/26/11 Silver

The Plot Thickens: More On The Weekly $88 Billion "Other" Outflow

Following our observations last night that there was an $88 billion swing in the weekly "other" deposit account with the Fed, some have quickly come to the fore to "debunk" our observation that this is a rather curious swing in total notional, by claiming that this can easily be explained away using cash demands at the GSE level. There are two problems with this "explanation" - i) it does not actually explain the swing, and ii) it is incomplete. As noted previously, Fannie tapped the

Guest Post: Woman Pepper Sprays Shoppers To Get Xbox

From Brandon Smith of Alt Market
Woman Pepper Sprays Shoppers To Get Xbox

It never fails. Every Black Friday we get yet another heaping helping of pure unadulterated ignorant mentally deficient bottom feeding fat-saturated sheeple mania. Every year it gets worse. And, every holiday season I am faced with the painful question of whether or not these people are actually worth saving. My answer so far has always been a begrudging "yes". Many of them have been conditioned by a

10 Market Conclusions Based On Recent Hedge Fund Exposure

Yesterday we highlighted the top 50 stocks that comprise the hedge fund "darling" universe. And while it is good to know which stocks will get the chop first the next time there is a major margin call induced liquidation scare, as David Kostin points out in a follow-up piece there is a much more nuanced read through for Hedge Fund data. "We estimate hedge funds own roughly 3% of the US equity market. Turnover of all hedge fund positions averaged 34% during 3Q 2011 (nearly 140% annualized).

Congress to Vote Next Week on EXPLICITLY Creating a Police State

IF YOU THOUGHT POLICE BRUTALITY WAS BAD … WAIT UNTIL YOU SEE WHAT CONGRESS WANTS TO DO NEXT WEEK

The police brutality against peaceful protesters in Berkeley, Davis, Oakland and elsewhere is bad enough.
But next week, Congress will vote on explicitly creating a police state.
The ACLU’s Washington legislative office explains:
The Senate is gearing up for a vote on Monday or Tuesday that goes to the very heart of who we are as Americans. The Senate will be voting on a bill that

Saturday, November 26, 2011

WaLMaRT AFTeR CHRiSTMaS PRiCe RioT!

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See the original article here:

WaLMaRT AFTeR CHRiSTMaS PRiCe

Britain's Foreign Office Prepares For Riots In Europe; Sees Euro Collapse "When, Not If"

As every major developed economy hits Bass's Keynesian Endgame, the status quo is set to change dramatically. Nowhere is this climax playing out louder than in Europe and the implicit solution of Germany-uber-alles (while seemingly inevitable though nevertheless lengthy in execution) is likely to not sit well with many of the EMU nations. To wit, The Telegraph today reports that Britain's Foreign Office is advising its overseas embassies to draw up plans to help expats should the collapse

Guest Post: A Glimpse Into The Future Of The Stock Market And Dollar

Submitted by Charles Hugh Smith from Of Two Minds
A Glimpse Into The Future Of The Stock Market And Dollar
The "accident" many have been waiting for has finally happened, and it's called Europe. That doesn't bode well for the U.S. stock market.
A lot of technical analysts and financial pundits are expecting a standard-issue Santa Claus Rally once a "solution" to Europe's debt crisis magically appears. There will be no such magical solution for the simple reason the problems are intrinsic

$707,568,901,000,000: How (And Why) Banks Increased Total Outstanding Derivatives By A Record $107 Trillion In 6 Months

While everyone was focused on the impending European collapse, the latest soon to be refuted rumors of a quick fix from the Welt am Sonntag notwithstanding, the Bank of International Settlements reported a number that quietly slipped through the cracks of the broader media. Which is paradoxical because it is the biggest ever reported in the financial world: the number in question is $707,568,901,000,000 and represents the latest total amount of all notional Over The Counter (read

Guest Post: The Scientific Challenges To Replacing Oil With Renewables

Via ChrisMartenson.com
So, assuming the Peak Oil camp is on to something, what's the likelihood for a disruption-free transition to another energy source that can replace the energy output we currently enjoy from oil? There's no shortage of promising claims from new laboratory experiments, and there is a lot of optimism in political and entrepreneurial circles that renewable, alternative forms of energy (wind, solar, biofuels, etc) may be able to fill the "energy gap" in time. How

Crowds Greet Venezuela's Gold as it Begins Trickling Home

Author:

Ed Steer

Yesterday in Gold and Silver

Ed_GSDNovember 26, 2011 2:39pm GMT

Email
Print

The gold price didn't do much of anything until shortly after 1:00 p.m. Hong Kong time early in their Friday afternoon. Then a seller of sorts showed up...and minutes before 9:00 a.m. in London, gold got hit...and by 9:30 local time, the low was in for the day.From there, the gold price

Silver Update 11/25/11 - Finished

http://www.youtube.com/v/3vo3rZhOh0E?version=3&f=user_uploads&app=youtube_gdata

Silver Update 11/25/11 - Finished

Software Provided By Netdania.com http://www.netdania.com/Products/live-streaming-currency-exchange-rates/real-time-forex-charts/FinanceChart.aspx
Keith Neumeyer: The Silver Market Lacks Integrity http://www.financialsense.com/contributors/ron-hera/2011/11/22/keith-neumeyer-the-silver-market-lacks-integrity
Wepollock http://www.youtube.com/watch?v=LaobXsB1fnA
CME Group

Spanish Treasury Cancels New 3Y Auction

Given the recent market reaction to short- and mid-dated bond auctions in the European sovereign space, it seems the Spanish have blinked and decided to cancel the planned 3Y auction for next week. Reuters is reporting that instead of a single 3Y new issue, they are reopening 3 existing deals in the hope it will be easier to garner demand across several maturities and potentially more fungible for managers to add to existing positions than create new ones. Of course, it really doesn't

Richard Koo - Europe in a Balance Sheet Recession - Time for QE

www.southofwallstreet.com

Richard Koo's latest note points out that Europe has entered a Balance Sheet Recession (ZH primer).
As he has long argued, adding liqudity during a balance sheet recession is necessary and not inflationary;
When the private sector as a whole is trying to minimize debt
despite ultra-low interest rates, the money multiplier for the private
sector turns negative at the margin, which means the money supply will
not increase no matter how much quantitative easing the

Deutsche Bank Exercises In MADness: "Crisis Likely To Get Worse Before It Can Get Better... If Indeed It Ever Does"

Deutsche Bank's Jim Reid, who has taken etudes in Mutual Assured Destruction to a level not even Leopold Godowsky would be able to execute (which is expected: DB is the one bank in Europe that has the biggest disconnect between reality and where the market trades its securities) reminds us once again that without the ECB stepping in it is all lost: "We are fast running out of options. The great hopes of the last few weeks for Europe have fallen one by one. We first had China pulling

SNB Late To Appear (If At All), Hopium Rally In EURCHF Fizzles

It is 17:03 in Zurich...and it appears that rumors of an SNB intervention have been once again greatly exaggerated. Either that or Hildebrand has pulled an Obama and is stuck in the sandtrap on the 18th. Immediate result: EURCHF down 40 pips on the lack of news, and will continue dropping to the 1.2250 level with every minute which confirms the SNB peg hike rumor was just that.

See the original article here:

SNB Late To Appear (If At All), Hopium Rally In EURCHF

Greeks Restart Bond Haircut Negotiations, Demand Lower NPV, Bypass IIF In Creditor Discussion

And so the one thing that was supposed to be set (if only briefly) in stone, the terms of the Greek creditor haircut, has now fallen apart. From Reuters: "The Greeks are demanding that the new bonds' Net Present Value, -- a measure of the current worth of their future cash flows -- be cut to 25 percent, a second person said, a far harsher measure than a number in the high 40s the banks have in mind. Banks represented by the IIF agreed to write off the notional value of their Greek

Market Already Pricing In Greek 25% NPV 'Haircut'

As we just reported, Reuters has broken news that Greece is starting to grow a pair and negotiate directly with debtholders on a much larger haircut on its debt than Dallara's IIF is hoping for. This is significantly bad news in terms of both the powers-that-be losing control, banks capital raising and writedowns, CDS triggers, and EUR stress. Given that GGBs are generally trading at 25% of Par out past 1.5 years, the market had begun to discount this already but it is clear that the game

Friday, November 25, 2011

Happy Anti Tilsongiving: +40.5% Since Inception

Because every market has two side: one which makes money... and Whitney Tilson. The anti-Tilson ETF (long GMCR, short NFLX) is now 40% since inception less than two weeks ago, and 3+% today alone. We don't see the levitation halting any time soon. We don't see the pain for T2 LPs moderating much either.

See the original article here:

Happy Anti Tilsongiving: +40.5% Since

And (Long Overdue) Scene: Belgium Downgraded By S&P From AA+ To AA, Outlook Negative

The dominos are now falling daily, if not hourly. We give AustriAAA a few days at the most.
Just as we hinted earlier in the week when the Dexia deal started to crumble, it seems a major driver of the downgrade is the country's financial sector risk.

The spread between Blegium and France has legged wider as Dexia has deteriorated - its seems if there is any risk transfer this will change but at this rate, only France will be capable (and even then not really).
And as a comparison, here

Guest Post: Just A Holiday Reminder - Black Friday Is Utterly Meaningless

Submitted by Charles Hugh Smith from Of Two Minds
Guest Post: Just A Holiday Reminder: Black Friday Is Utterly Meaningless
You'd never know it from the media coverage, but Black Friday sales are essentially meaningless noise in the U.S. economy.
You know the economy and stock market are in deep trouble when the Mainstream Media elevates one essentially meaningless metric to "The One Meaningful Statistic" and then trumpets it slavishly. One such meaningless metric is Black Friday.
The Media

Venezuela Gets First Shipment Of Physical Gold Today

Back in August, the news that Venezuela ruler Hugo Chavez had decided to repatriate his gold from London vaults made headlines and was one of the key catalysts sending gold to its all time highs north of $1900/oz. Since then the story died down with no updates. Until today: Bloomberg has reported that Venezuela will receive the first shipment of gold reserves being repatriated from U.S., Canadian and European banks today. "Chavez, speaking on state television, said that the bars will be

Guest Post: Are There Any Disadvantages To A Second Passport?

Submitted by Simon Black of Sovereign Man
Are There Any Disadvantages To A Second Passport?
I can’t even begin to describe how happy I am to be back in the land of the free… and yes, I’m talking about Chile.
I arrived a few days ago to beautiful summertime weather (remember, the seasons are flipped down here in the southern hemisphere). As usual, the customs officials at the airport were speedy, courteous, and efficient. From plane to cab I was out of there in 20-minutes–

Why Did The Fed Inject Banks With A Record Amount Of "Other" Cash In The Past Week?

For all its obscurity, the Fed's balance sheet is relatively simple: on the right there are the liabilities such as currency in circulation (which is relatively flat at around $1.1 trillion but rising slowly (for now) every week), and excess reserves, at $1.5 trillion, or the money that is "parked" with banks and is the topic of so much consternation: will it ever spill out into the broader economy, won't it, and if not why not, and if yes, will it cause hyperinflation, and other such

Netflix: When It Rains, It Pours

By EconMatters
Talk about bad things leading up to other bad things. Netflix stocks plunged yet another 8% to $68.50 on Nov. 23, two days after the company announced concurrent common equity and convertible notes financings totaling $400 million.
The company said it raised $200 million through the sale of about 2.86 million shares of common stock at a public offering price of $70 per share, for gross proceeds of $200 million, and raised $200 million through the private placement of

PePPeR SPRaY FRiDaY...

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THE SHAH OF BLOOMFUKISTAN
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See the original article here:

PePPeR SPRaY

The Consequences When Three Elements Collided

By Wolf Richter www.testosteronepit.com
Detlev Hager, a German executive of Daimler AG in the US on a business trip, was driving his rental car to the Mercedes-Benz manufacturing plant near Tuscaloosa, Alabama, when he was pulled over by a police officer. The tag on his rental car had expired. When the police officer asked to see his driver's license, he didn't have it on him. He'd forgotten it at his hotel. So he produced his German federal I.D. card, the only document required to

Eric Sprott to Ask Silver Producers to Save in Silver

Author:

Ed Steer

Yesterday in Gold and Silver

Ed_GSDNovember 25, 2011 11:19am GMT

Email
Print

Gold was up about ten bucks early in Wednesday afternoon trading in the Far East...and had just broken through the $1,715 spot price level shortly after 2:00 p.m. Hong Kong time. At that point the selling began.This sell-off lasted until the London a.m. gold fix at 10:30 a.m. GMT...5:30 a.m.

Thanksgiving Thoughts

Thanksgiving Thoughts
Courtesy of Phil of Phil's Stock World
What an ugly finish November is having!
We've been trying to get bullish with little success and, if we are not reversing tomorrow, I will be regretting the wasted time poking at bullish plays when we could have been going "wheeeee" on the slide.
I thought that blue line on Dave Fry's chart was going to hold, it's about 2.5% down from our Must Hold level for the S&P on the Big Chart (1,235) and that would have been a

European Bailout Time Of Death: EFSF Cut In Half Due To "Market Conditions"

If only we had known that the EFSF was nothing but the latest Chinese reverse merger IPO gimmick, dependent entirely on market conditions for its success, we probably would have sold even more euros to Thomas Stolper. Alas, despite all the pomp and circumstance of last month's European summit announcement when the 50% Greek debt haircut (which has a snowball's chance in hell of passing) was accompanied by vague promises of a 4-5x leveraging of the EFSF's €440 billion, it now appears

Thursday, November 24, 2011

Bite this apple Jamie!

http://www.youtube.com/v/nlPXzr_9D5c?version=3&f=user_uploads&app=youtube_gdata

JP Morgan's stock price slides below $30 per share and the link is here http://silverdoctors.blogspot.com/2011/11/jp-morgan-breaks-30-appears-headed-to.html . Silver in extreme back-wardation once again and the link to the chart is here http://barchart.com/commodityfutures/Silver_Futures/SIZ1?mode=D&view= . The commodity crisis gets worse and the link is here

Fitch Downgrades Portugal To Junk On General Strike Day

Just a step behind the Chinese as usual, and just in time to kill a modest EURUSD rally. Also on the same day as the first mass strike in Portugal which reminds us that everyone will want a piece of the debt reduction pie.
From Reuters:

Rating agency Fitch downgraded Portugal's rating to junk status on Thursday, citing large fiscal imbalances, high debts and the risks to its EU-mandated austerity program from a worsening economic outlook.

Fitch cut Portugal to BB+ from BBB-, which

Walk Thru For The Upcoming European Treaty Changes - Is A Redemption Fund The "Transitory" Hail Mary?

Once again today was marked by ongoing disagreements over the form of any and every solution (or non-solution) to the 'problem' that is the Euro-Zone. At every corner, the EU Treaties are dragged up as impediments to the free-and-easy save-us-with-your-printing-press argument (among others). Credit Suisse provides an excellent summary of the relevant sections and while their perspective is that the Treaties do provide some flexibility for the ECB to extend its operations (and the incumbent

Hungary 'Junked' By Moody's

Citing uncertainty over the country's ability to meet 'austerity' targets and its rising susceptibility to external shocks - given its heavy reliance on external investors - Moody's just downgraded Hungary to Junk Ba1 (with a negative outlook).

Moody's Statement Summary:

The key drivers for the downgrade and negative outlook are as follows:

1.) The rising uncertainty surrounding the country's ability to meet its medium-term targets for fiscal consolidation and public sector

A Burned Goldman Says To Hell With European Trade Recos

After being mocked and humiliated (repeatedly) by various blogs, not to mention losing a ton of money (for the clients, not the Goldman traders on the other side of the firm's clients) on his most recent horrendous EURUSD reco, Goldman's Tom Stolper has had enough (as a reminder, precisely the same thing happened at precisely the same time last year - sometimes even a broken clock is never right). And not only him, but all of Goldman appears to be withdrawing from making any future recos

EURUSD Tumbles, Italian Yields Pop After Merkel Says "Firmly Against Eurobonds"

The entire hopium driven rally from yesterday afternoon on a Reuters report that Germany may be warming up to the idea of Eurobonds destroyed by one word out of place, in this case Merkel's who just said that "she stands firmly against joint Euro-bonds." Translation: market will have to punish EURUSD far more for her to change her mind.

And Italian yields:

See the original article here:

EURUSD Tumbles, Italian Yields Pop After Merkel Says "Firmly Against

Gold GBP 1,092/oz, JPY 130,890/oz – IMF: Japan Debt Could "Quickly Become Unsustainable"

From GoldCore
Gold GBP 1,092/oz, JPY 130,890/oz – IMF: Japan Debt Could "Quickly Become Unsustainable"
Gold is trading at USD 1,698.90, EUR 1,268.00, GBP 1,092.30, CHF 1,557.30, JPY 130,890 and CNY 10,815 per ounce.
Gold’s London AM fix this morning was USD 1,699.00, GBP 1,094.72, and EUR 1,270.38 per ounce.
Yesterday's AM fix was USD 1,686.00, GBP 1,083.55, and EUR 1,260.46 per ounce.

Cross Currency Rates
Gold is marginally higher in most major currencies today. Bargain
hunters

Belgium Hits Record High Yields As Business Confidence Slumps

Belgium just can't get a break. While its simultaneously arguing with France and Luxembourg over Dexia's bailout burden and suffering under a total lack of government, Merkel's unequivocal comments on Euro-bonds did nothing to save the ailing nation. Then business confidence prints worse than expected continuing its worse slide since 1993. Not only are Belgian government yields at record highs but so is the spread to German Bunds (at 350bps!) and French OATs as Dexia's credit also cracks

Risk Tumbles In Retaliation For Merkel Stubbornness

From the moment the words left Merkel's lips this morning that 'conditions weren't right' for euro-bonds and would send 'completely wrong signal', risk assets started to crack lower. Both ES and European markets are now well below yesterday's lows as EURUSD also turns red and sovereign spreads start to break wider (and bear flatten) again.

And European equity and credit markets are diving fast also...

As EURUSD takes out yesterday's lows...

And European sovereign risk spreads are

All roads lead to money printing

http://www.youtube.com/v/AdQUfd2QugQ?version=3&f=user_uploads&app=youtube_gdata

Watch the full 21-minute video at http://www.goldmoney.com/thomas-rustici-macleod. Thomas Rustici, Professor at George Mason University and Alasdair Macleod, of the GoldMoney Foundation, talk about the European sovereign debt crisis and how it foreshadows similar problems in the USA. A central bank is a monopolistic, central planning agency, with all the implications that this has for the quality of its

The cost of regulation

http://www.youtube.com/v/lty6fmQe_fc?version=3&f=user_uploads&app=youtube_gdata

Watch the full 21-minute video at http://www.goldmoney.com/thomas-rustici-macleod. Thomas Rustici, Professor at George Mason University and Alasdair Macleod, of the GoldMoney Foundation, talk about monetary policy and its flaws. They talk about labour market rigidity and "sticky wages" as deliberate policy. They talk about the European Union and how it has fallen prey to regulatory capture and has

A Bond Bull Sees More Deflation Ahead

I was prompted to write this comment by the fact that, through Q3 of this year, the total return performance of long-term Treasury bonds has exceeded the performance of the stock market for the trailing 30-year period that began in 1981. I began my career as an “Account Executive” at Merrill Lynch in 1977 when brokers were leaving the business to drive taxicabs. It is a bit startling to think that the “benchmark risk-free long term asset” has won the race for practically

Record Low Yield At 7 Year Auction, Second Highest Bid To Cover Ever Sends Total US Debt Over $15.1 Trillion

As the panic from the busted German 10 Year auction earlier has settled, the money has gone to the last "safe" place for fiat (until the world wakes up to the fact that the "US is not Germany" and comprehends that it actually is) and flooded today's final of the week $29 billion 7 Year auction. The auction was a massive success: it priced at 1.415%, the lowest yield ever, and well inside of the WI which was trading at 1.44%. Not only that but the Bid To Cover soared from 2.59 to 3.20, the

Major US Financials Cracking: CDS Rerack

As financial equities are underperforming so we are also seeing the major US banks widening in CDS land - closer and closer to record wides in the case of BofA and GS. Their credit curves are also inverting further as equity catches up to recent weakness.

BofA is almost at record wides from early October 2011 - well ahead of 2008/9. GS also looks close to recent peaks though still below previous peaks for now. Goldman is 160bps wider since the start of November!

JPM +6 to 179bps
BofA +17

Russia Retaliates Against US: Puts Radar Station On Combat Alert, Prepares To Take Out European Missile Defense Systems

Earlier today, we presented the latest developments in the escalating possibility of an imminent air (and potentially land) campaign targeting Syria by the "western world", a move that would infuriate not only Iran, but also Russia and China, both of which have made it clear they would not sit idly by and let such an "aggression" stand. Now it is Russia's turn to retaliate. Cutting straight to the chase - in a nationally televized appearance by Russian president Dmitry Medvedev: in

Portugal's Rating Cut To 'Junk' By China's Dagong

Arguably the least biased (or perhaps least cognitively dissonant) of the major ratings agencies, China's Dagong has just moved Portugal's rating to junk (BB+) from comfortably investment grade (BBB+) - a 3 notch drop. The rating agency also left the peripheral nation on negative watch. This action follows Monday's Greek downgrade from C to CCC. Is this a ploy for better entry levels when they save the world with their EFSF-buying bazooka? Or more likely a more honest reflection of a

Ranting Andy Hoffman: DERIVATIVES DESTROYING THE WORLD

http://www.youtube.com/v/5Z72CwaKiAs?version=3&f=user_uploads&app=youtube_gdata

My interview with 'Ranting Andy' Hoffman about Derivatives, the MF Global debacle, silve & gold and current events.

Music: "Danse Macabre" by Kevin MacLeod (incompetech.com) Licensed under Creative Commons "Attribution 3.0" http://creativecommons.org/licenses/by/3.0/"
http://creativecommons.org/licenses/by/3.0/legalcode

The content in my videos and on the SGTbull07 channel are provided for

NOMI PRINS: MF Global & Corzine, the Made Man - Part One

http://www.youtube.com/v/OlSWRd8khfc?version=3&f=user_uploads&app=youtube_gdata

This is part one of my interview with Author and Journalist Nomi Prins. As a former Managing Director at Goldman Sachs, Nomi has first hand experience working with the criminal class, but she walked away with her soul intact. Nomi and I speak in detail about MF Global, Jon Corzine and the criminal Kleptocracy.

Visit Nomi's site:
http://www.nomiprins.com/

Music: "Enter the Maze" by Kevin MacLeod

NOMI PRINS: The Rigged House of Cards Crumbles - Part Two

http://www.youtube.com/v/qDPDrPPQvCM?version=3&f=user_uploads&app=youtube_gdata

This is part two of my interview with Author and Journalist Nomi Prins. As a former Managing Director at Goldman Sachs, Nomi has first hand experience working with the criminal class, but she walked away with her soul intact. Nomi and I speak in detail about MF Global, Jon Corzine and the criminal Kleptocracy.

Visit Nomi's site:
http://www.nomiprins.com/

Music: "Enter the Maze" by Kevin MacLeod

Wednesday, November 23, 2011

GoBBLe, GoBBLe, GoBBLe!

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It is already Thanksgiving Day here in Hong Kong.
I am posting this stuff early for all of you so you can take whatever you want and laugh or throw eggs at it together with your friends and loved ones on Thanksgiving Day.
No matter how bad it seems, there is always plenty to be thankful for. I count all of you as friends, regardless of whether we eye to eye on everything and I

Mini Flash Crash? ES Plunges By 2 Standard Deviations In 5 Minutes

The last 5 minutes of today's somewhat tempestuous day saw a rather dramatic plunge in ES on very heavy volume which could easily be flash-crash-worthy in its description. Having tested VWAP a number of times during the day and been unable to make any progress above it (suggesting program selling was active), the final desperate straw broke the camel's back into the close as ES dropped 1% in less than 5 minutes as volume dwarfed the rest of the day with machines fighting each other to exit

Buyers Of German Bonds Finally Pulled Out Their Calculators

Wolf Richter www.testosteronepit.com
Since the beginning of the Eurozone debt debacle, Germany benefited spectacularly from its reputation as safe haven. While yields were spiking in other Eurozone countries, German bond yields were dropping; and even 10-year bond yields dipped below the rate of inflation. So perhaps when it offered €6 billion in 10-year bonds at an average yield of 1.98%, a record low for auctions, it expected them to fly off the shelf. But they didn’t.
“A

Revisiting Today's "Failed" Bund Auction: Less Than Meets The Eye

In the aftermath of today's so-called failed 10 Year Bund auction, the number of explanations seeking to goal seek some preconceived theory as to what happened has soared with justifications ranging from the amusing to the bizarre to the outright ridiculous. Here is the bottom line: "failed" Bund auctions, in which the Buba (Bundesbank or the German monetary authority) steps in to "retain" an unbid for amount and hit a maximum issuance happen all the time. In fact literally all the time as

Is the U.S. About to Invade Syria … and Pick a Fight with China and Russia?

Tyler pointed out yesterday and today that the risk of a Syrian war is quickly rising.
I want to amplify on three aspects of this issue:
(1) a war against Syria was planned 10 years ago
(2) the American people don't want a new war and
(3) Russia and China may strongly react against such a war

THE AMERICAN PEOPLE DON’T WAR WAR … BUT A SYRIAN WAR WAS PLANNED 10 YEARS AGO

I noted in August:

While the U.S. is doing its best to try to whip up support for a war against Syria (a war

Q&A On Holiday Shopping

As America prepares to spend its meager savings (which today were reported to have increased modestly from 4 year lows of 3.3% to 3.5%) and dip even more in debt on yet another epic shopping exodus which begins in just over 24 hours and continues through the end of the year, whereby people are somehow once again fooled into believing they "save money" by "spending money", those with a more pragmatic eye may wonder if this will be the weakest holiday shopping season in a decade, if the

Goldman's Sigma X Hints Who The Next Contagion Target Is

Five months ago, when Italian yields were still tame in the 3% ballpark, and not 7% where they are today, we suggested that based on trading patterns and overall volume in Goldman's dark pool, Italy may be about to experience a "Greek episode." Days later we were proven right as Italian yields and spreads started their relentless move wider, with only those who had access to Sigma X being able to get an advance whiff of what was about to happen. Well today we are happy to report that the

HYG Plummets The Most In Almost 2 Months As Credit Leads Risk Lower (Again)

The message of the market has been very clear the last week or two and we have been actively discussing it - the hope that was priced into equity markets is being discounted back to the reality that was always priced into credit markets. HYG, increasingly liquid, accessible, and actively traded has become the weapon of choice for hedgers and shorts and once again today it dramatically underperformed. IG credit also underperformed as we suspect the relatively low cost of carry made it an

The Future is Gray

Years ago I got involved with financing a Titanium Dioxide plant in Brazil. I’ve had an eye on this commodity ever since. What I find interesting about TiO2 (“TD”) is that everything that you look at that is white has this stuff in it. From pills to food to paper to paint, if it’s white, it’s TD.
Demand for this stuff has been on a tear; rising at ~20% a year. World consumption is 2 pounds of ‘white’ per person. That’s the average for all 7 billion of us. The western

Thanksgiving Tally: Lunatics And Hacks Win As Gold Up 19.3% YTD; S&P Down 7.5%

To some, only "Lunatics and Hacks" believe in gold and a system based on real money. To others, one look at the chart below showing the relative performance of gold and the S&P YTD is enough to determine who the lunatic and hack truly is.

Source: Bloomberg
As for the "some"...

See the original article here:

Thanksgiving Tally: Lunatics And Hacks Win As Gold Up 19.3% YTD; S&P Down

Gold/Silver Ratio - Mike Maloney on Cycles and Indicators - GoldSilver.com

http://www.youtube.com/v/VuGRXUIQjvQ?version=3&f=user_uploads&app=youtube_gdata

Mike Maloney answers a question from the audience at the Casey Research Seminar about the Gold-silver Ratio, which is a leading indication of when to sell.

* Why there's going to come a day when gold will not be a good investment

* Understanding wealthcycles is crucial to true wealth accumulation

* How he continues acquiring gold and silver, but always keeping an eye on the gold-silver ratio and other

Gerald Celente - Tony Cruise - 21 Nov 2011

http://www.youtube.com/v/AHrCyhDiMwE?version=3&f=user_uploads&app=youtube_gdata

Trends Journal: http://www.trendsresearch.com/journal
Twitter: http://twitter.com/geraldcelente

See the original video here:

Gerald Celente - Tony Cruise - 21 Nov

Eurozone Contagion Deepens After Disastrous German Auction; Silver Supply Issues

From GoldCore
Eurozone Contagion Deepens After Disastrous German Auction; Silver Supply Issues
Gold is trading at USD 1,687.10, EUR 1,262.60, GBP 1,086.30, CHF 1,554.20, JPY 130,590 and CNY 10,760 per ounce.
Gold’s London AM fix this morning was USD 1,686.00, GBP 1,083.55, and EUR 1,260.46 per ounce.
Yesterday's AM fix was USD 1,697.50, GBP 1,083.90, and EUR 1,253.14 per ounce.
Cross Currency Rates
Gold is lower in all major currencies today except euros with euro gold having risen

Devastation In Adjusted Euro-Sovereign Basis Trade Resumes: Generali And Allianz CDS Update

Continuing our coverage of our favorite European implosion derivative trade for entities which, unlike countries, are not too big to fail, namely Italian and German mega insurers loaded to the gills with Italian and other Euro sovereign debt, Generali (ASSGEN) and Pimco parent Allianz (ALZ), we find that their CDS continue to implode (or soar as the case may be), more or less as expected. We anticipate that more and more traders will proceed to switch basis trade hedges not with sovereigns

Euro Tumbles As JPM Predicts ECB Rate Cut To 0.50%, "Deep Euro Area Recession"

The ECB may soon have to change its policy of keeping a 1.00% rate floor if JPM is correct.In a note just released by JPM's Greg Fuzesi, the JPM analysts says that "with the Euro area economy entering a potentially deep recession, we now think that the ECB will cut its main policy interest rate to just 0.5% by mid-2012. We expect the interest rate corridor to be narrowed to +/-25bp, so that the deposit facility rate will be 0.25%. We recognise that the ECB did not cut rates below 1% during

Keith Neumeyer: The Silver Market Lacks Integrity

Author:

Ed Steer

Yesterday in Gold and Silver

Ed_GSDNovember 23, 2011 11:18am GMT

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After a bit of a sell-off in early Far East trading on Tuesday morning, the gold price began to rise shortly after 12 o'clock noon Hong Kong time.Gold spent most of Tuesday in rally mode, with the odd sell-off interspersed along the way.Once the price hit the $1,700 mark at 9:45 a.m. Eastern

The Economy Is In Jeopardy

This article is one of a series of occasional white papers from the Daily Capitalist taking a detailed look at specific issues affecting the economy. In this paper I analyze current economic events and give my forecast for the economy. It goes into detail about how I think the economy should be evaluated.
Part I
The Crossroad
The economy is at one of those crossroads where something is going to happen. Whether that will be a positive or a negative is often difficult to tell because at

From Bad To Worse As Europe Opens

The overnight news of worries over Dexia's bailout deal and the weak Chinese PMI print did nothing to help the generally poor sentiment as the US closed on the stress test news. Equity and Treasury Futures (as cash was closed in Tokyo) were in risk off mode but stabilized with ES around 1170 (-1% from US close). With Europe opening and TSYs trading once again, CONTEXT shows that the sell-off is broad based and supports equity weakness for now. European sovereigns are opening generally

Gerald Celente - Michael Harris - 21 November 2011

http://www.youtube.com/v/ZFepLh5AjD8?version=3&f=user_uploads&app=youtube_gdata

Trends Journal: http://www.trendsresearch.com/journal
Twitter: http://twitter.com/geraldcelente

See the original video here:

Gerald Celente - Michael Harris - 21 November

Tuesday, November 22, 2011

Guest Post: Is Gold Still The Answer For Investors?

Submitted by Bud Conrad of Casey Research
Is Gold Still the Answer for Investors?
Though late to the party as usual, the proverbial man on the street – along with members of mainstream media and Wall Street heavyweights – is finally waking up to the decade-long, 700% increase in the price of gold, joining a growing buzz around the monetary metal. From questions whether gold is in a bubble to predictions that soaring prices are just around the corner, one thing is clear: a new

A Majority of Americans (Including Both OWS and the Tea Party) AGREE on the Most Important Issues … We Just Don’t Realize It

I have repeatedly demonstrated that – despite the false divide-and-conquer tactics of the mainstream parties and mainstream media – the overwhelming majority of Americans agree on the most important issues facing our country. See this.
NO MORE BAILOUTS!
As I’ve noted since 2008, Americans are united in their overwhelming disapproval for bailouts to the big banks.

This has remained true right up to today.
As Rassmussen found only last month (as summarized by KXLF

HSBC China PMI Contracts, Tumbles To 32 Month Low Of 48, From 51 Previously

Adding Asian insult to European injury we just got the Preliminary HSBC China November PMI reading which posted the first drop since July, tumbling from 51 to 48, which is a 32 month low. Expect risk to be solidly off for the balance of the night... and then the BTPs will resume trading. Only this time they will be accompanied by the OATs which will likely spike to record yields on fears of an imminen French downgrade courtesy of the Dexia debacle.

and diging intop the subindices - not

Bull Market in Food : Rosenberg and Hendry on Ag

South of Wall Street
Rosenberg's note today mentioned the global bull market in agriculture. Which,as I recall, was becoming an issue pre-lehman. Inflation is just about the only thing stopping food prices from levitating once again. Trade balances, supply constraints, changing weather patterns, and emerging market demand continue to support a structural bull market. Hugh Hendry commented back in 2010 (below) that unless there was a major recession in Asia, pressure on pricing

David Morgan of Silver-Investor.com on Fox Business News 11-21-11

http://www.youtube.com/v/bd6giW1ezKo?version=3&f=user_uploads&app=youtube_gdata

http://Silver-Investor.com

David Morgan is interviewed on Fox Business News, starting off talking about gold, commodities and his take on Bill Clinton's new book.

See the original video here:

David Morgan of Silver-Investor.com on Fox Business News

Charting The Futility Of ECB (Non) Sterilized Interventions

We have vociferously discussed the secondary bond buying by the ECB, specifically highlighting when a lack of intervention allows the real-world risk appetite to sneak through. Bloomberg's Businessweek ties a rather nice bow in the total futility of this effort as since August 12th, the ECB has spent almost EUR 255bn on Italian, Spanish, and French debt (with perhaps a sprinkling of Belgian, Austrian, and Portuguese for good measure) and achieved nothing as every one of those nations

Obama Heckled For Allowing Police Brutality Against Protesters

OCCUPY WALL STREET DISLIKES THE MAINSTREAM DEMOCRATIC
Republican Parties
The mainstream Democratic party is trying to co-opt Occupy Wall Street, and the Democratic party machinery is trying to turn OWS into a Democratic fundraising campaign. And see this.
But the Occupy supporters dislike Obama and the mainstream Democratic party, just as they dislike the mainstream Republican party. See this, this, this and this.
Indeed, OWS protesters in New Hampshire just heckled Obama for turning a

Is Jawboning All The Fed Has Left? Goldman's Take On The FOMC Minutes

It seems from our initial take on the minutes from the last FOMC meeting that there was a lot of talk about how to tell us mere plebeians what they are not capable of doing as opposed to actually doing anything. Maybe, given Bernanke's recent comments and subtle suggestions towards the need for fiscal policy, all the Fed has left is jawboning and their new policy of talking about potential policy. Goldman's rather less pessimistic perspective sees a communications policy aimed at explicit

Futures Plunge As Fed Discloses New Stress Test: Fears US Banks Will Need To Raise Tens Of Billions In New Capital

It appears that the key news of the day was not the fluff about the IMF which as we said was total non-news, but adverse news from the Fed which just announced that it is launching its 2012 bank stess test which unlike previous iterations may actually demand capital raises from US banks. Reuters reports: "The U.S. Federal Reserve plans to stress test six large U.S. banks against a hypothetical market shock, including a deterioration of the European debt crisis. The Fed said it will

Anti-Tilson: The Gift That Keeps On Giving

Our favorite trade since Friday, November 11, when Whitney Tilson went public with his short GMCR, Long NFLX theses, namely to do the opposite and Buy GMCR and Sell NFLX has now returned 40% in 6 days. And we don't even collect 2 and 20, nor do we organize hedge fund hotel symposia.

See the original article here:

Anti-Tilson: The Gift That Keeps On

Guest Post: What's Lost With the Demise of the Euro? Only What Was Unsustainable

Submitted by Charles Hugh Smith from Of Two Minds
What's Lost With the Demise of the Euro? Only What Was Unsustainable
Scaremongering aside, the demise of the euro does not end European integration. It only means that which is unsustainable has been relinquished and a return to stability is finally possible.
So the euro is doomed. Toast. History. This will lead to:
1. the end of civilization
2. the end of European integration
3. the start of new Dark Ages
4. the return to a sustainable

Spanish Yield Curve Inverts Most Since 1994

The spread between Spanish 2Y and 10Y bonds has dropped to record lows as the yield curve inverts most since 1994. Troughing intraday at -12bps at its most inverted, today's as-good-as-failed Spanish bill auction sends an ugly message to the market that risk appetite is non-existent. At -5bps, if we end today at this level, it will be the first inverted close since August 1994.
Intrday of the last 20 days - we dipped inverted intrday on 11/9 and 11/10 but never closed.

Longer-term Spanish

A Spurious Motion on Behalf of the MF Global Trustee

Submitted by Andrew Abraham of MyInvestorsPlace.com

The court received a motion today by lawyers of Hughes Hubbard and Reed, opposing an official commodity customer and broker committee.
In a strangely constructed argument, attorneys for the Trustee open with that within “Within hours of his appointment on October 31, 2011, and against a backdrop of shortfalls in segregated funds and records that are far from wholly reliable, the Trustee moved and has already affected the transfer of

Celente, Corzine and the Great U.S. Bank Holiday

http://www.youtube.com/v/fE_nXrbpXis?version=3&f=user_uploads&app=youtube_gdata

The Criminal class now runs everything. Can't wake up your friends? If they still don't 'Get it' after watching this micro-doc, they're beyond help. Gerald Celente talks to Alex Jones about MF Global, Jon Corzone and the great U.S. bank holiday. As far as holidays go, trust me, Thanksgiving is better. ~SGT

Music: "Dragon & Toast" by Kevin MacLeod (incompetech.com) Licensed under Creative Commons

Kazakhstan Buys Its Own Gold Output

Author:

Ed Steer

Yesterday in Gold and Silver

Ed_GSDNovember 22, 2011 11:22am GMT

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Gold got sold off a bit right at the open of trading in New York on Sunday night...and that pretty much set the tone for the rest of the Monday.The real decline didn't start until the London trading day began at 8:00 a.m. local time...which was 3:00 a.m. Eastern. Gold then got sold down

Late-Day Reality Check On Dramatic Risk Off Day

ES tumbled back down to its VWAP at the close of the day session after mounting a run back towards 1200 in the afternoon. This equity move was the second total disconnect from credit markets of the afternoon and reverted back to credit's sanity though HYG was clearly the instrument of choice (once again) for credit hedgers looking for lower cost shorts or liquid hedges. The USD was modestly higher from Friday's close and Oil rallied back this afternoon to almost perfectly match the USD

Has Google made Wintel and Satellite Cable Terminal Shorts?

The mosaic that is Google is coming together, and it appears the company is on the verge of major disruption to a few notable cash cows. As I scan thru the Technology news over the last few days, it is hard to ignore that Google is everywhere you look. Between the Chromebook, Android, and Google TV the outlook for Windows/Intel and satellite cable industry looks cloudy.
The Google Chromebook is developing into the tool that opens the door for Google in the enterprise space.

Guest Post: Horrible Bosses, Pitchforks & Torches

Submitted by D. Sherman Okst of Financial Sense
Horrible Bosses, Pitchforks & Torches

If you haven’t seen the movie “Horrible Bosses” I’d recommend that you do. Please see it. Go enjoy yourself. As bad as things are getting it is incredible to realize that we can still laugh.
And trust me, you’ll laugh hard at this movie.
When I left the theater with my wife, I realized why it was that movie theaters did well in the last Great Depression. For an hour and forty minutes we

Goldman Explains What The Supercommittee Failure Means

By now everyone knows that the Supercommittee is an official dud. But what does that really mean for the economy and the stock market? Goldman's Alec Phillips chimes in with one of the better explanations of what this means. "The fiscal super committee announced today (November 21) that it would not reach agreement, and that its deliberations had concluded. Super committee failure means that (1) there is greater risk that the payroll tax cut expires, though there is still a chance this

Fukushima: "China Syndrome Is Inevitable" ... "Huge Steam Explosions", or "Nuclear Bomb-Type Explosions" May Occur

By Washington’s Blog
I've repeatedly noted that we may experience a "China syndrome" type of accident at Fukushima.
For example, I pointed out in September:
Mainichi Dailly News notes:
As a radiation meteorology and nuclear safety expert at Kyoto University's Research Reactor Institute, Hiroaki Koide :
The nuclear disaster is ongoing.
***
At present, I believe that there is a possibility that massive amounts of radioactive materials will be released into the environment again.
At the

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